World oil prices "plunge"

World oil prices in the session on March 9 dropped sharply after rising to a high not seen in the past 14 years in the previous session due to the influence of the geopolitical situation in Ukraine.

At the end of the session, the price of WTI light sweet oil for delivery futures fell by 15 USD (12.1%) and stopped at 108.70 USD/barrel. Meanwhile, Brent oil futures delivery fell by $16.84 (13.2%), closing the session at $111.4 per barrel.

Oil prices have been steadily increasing in recent times. WTI and Brent crude oil prices both rose to their highest levels in nearly 14 years in trading on March 8, as the ongoing conflict between Russia and Ukraine raised concerns about the risk of oil supply disruptions. from Russia - the world's second oil exporter, after Saudi Arabia.

On March 8, the US decided to ban the import of oil and energy products from Russia, while the UK announced that it would gradually limit oil imports from this European country by the end of 2022. Meanwhile, the Union The European Union (EU) also announced a plan to reduce Russia's dependence on fossil fuels.

According to UBS analysts, even before the above actions were taken, Russia's energy export industry was affected by restrictions imposed by trading companies due to concerns about sanctions. future penalties and risks. However, quickly finding alternative oil supplies to Russia is challenging.

On March 9, the US Energy Agency (IAE)3 announced that the country's crude oil inventories fell by 1.9 million barrels in the week ending March 4. According to a survey by S&P Global Platts, analysts estimate that US crude oil supply will decrease by 700,000 barrels.

On the Russian side, Director of the International Cooperation Department of the Russian Foreign Ministry Dmitry Birichevsky stated that EU sanctions against Russia could cause great damage to the citizens of the member states themselves.

He argued that the EU measures resulted in disruption of existing trade and production chains as well as harm to consumers in the EU. According to Russian officials, restrictive measures are especially counterproductive in the context of global economic instability after more than two years of the Covid-19 pandemic raging.

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